Radar Perene / Archive / character

Character: Mood

◦ Pieces dated up to 15 Jul 2026 were written under index methodology v1; the current series is v2.2 (working papers with DOI). See the methodology.

Mood is the most human of thermometers — and the most treacherous. The Ânima Index measures the Brazilian market's spirit from 0 to 100: the optimism that applauds before confirmation, the pessimism that screams at the bottom. This is the study of mood at its extremes: when it led and was right, when it spiked alone and capitulated, and how often what people felt contradicted what the money did.

The Ânima Index is the Radar Perene mood thermometer: a measure, from 0 to 100, of the state of spirit of the domestic investor.

Read the full entry: What is the Ânima Index? →

Where Mood appears

• MarqueeEuphoria at the top — March 2014, when appetite hit 100 and there was no follow-through
• MarqueeThe fever of 2025 — when euphoria descended to meet the structure
• MarqueeWhat happened after fear priced everything
• MarqueeOctober 2017: mood nailed 69.2 while the structure collapsed to 8.2
• MarqueeSeptember 2021: Brazilian mood collapsed from 43.8 to 9.4 — and capital ran for cover at home
• DerivativeConvergence on the optimistic side: May 2012, the clocks strike together
• DerivativeThe Selic at 15% and the fading euphoria
• DerivativeHow long does it take for mood to catch up to flow?
• episodioThe calm that depended on silence — January 2015 and the mood that collapsed all at once
• episodioThe courage that only bought shelters — July 2015
• comparacaoEuphoria at its peak. The breach, too.
• comparacaoÂnima × Perene Risk: eighty points between capital and mood
• episodioCheap on multiples, stretched on risk
• comparacaoHow a bottom is recognized: by what it does not shout
• episodioThe mood came back, but the money left the room — September 2019
• episodioThe solitary toast of July 2023 — optimism strikes 84.4, the structure pulls back
• comparacaoThe disagreement said everything. The agreement, almost nothing.
• comparacaoThe disagreement protected. The agreement did not.
• comparacaoThe disagreement repeats. The outcome, never the same.
• episodioThe day mood nearly touched zero
• comparacaoMoney has never been so expensive. The mood, never so high.
• episodioFlow at the ceiling, mood at the floor — June 2020
• comparacaoThe bottom is not where fear screams — it is where the floor stops giving way
• episodioMood moves in leaps, capital in steps — July 2017
• episodioThe mood cooled; the appetite evaporated — August 2023
• episodioThe mood that came back without faith — August 2024
• episodioMood was smiling, the money had already changed shelter — May 2016
• comparacaoThe rate was always the suspect. Two Junes acquitted it.
• comparacaoRates rose to the ceiling. The mood, higher still.
• episodioThe fear of a single room — March 2019
• episodioThe fear the money didn't buy
• episodioThe fear the prices didn't buy — February 2023
• comparacaoFear hit bottom. The structure was already rising.
• comparacaoThe same sector bled twice. The mood noticed neither.
• episodioOptimism at the top of the scale — and the ballast that was missing (Dec 2017)
• episodioThe optimism that lit itself — August 2022
• episodioThe optimism that applauded alone — the 29-point jump of October 2013
• episodioThe optimism that led from shelter — Jan 2019
• episodioThe panic the capital didn't buy — August 2019
• comparacaoThe basement went and came back. The roof never noticed.
• episodioThe telegram the mood did not read — April 2023
• comparacaoThe thermometer ran ahead. Then it fell behind.
• episodioThe thermometer rises, the skeleton stays still — March 2025
• episodioWhen mood caught up with money — July 2020
• comparacaoWhen the drop is in the mood — and when it is in the capital
• comparacaoThe more the mood rises, the shorter the rope
• comparacaoSelic at 14.25% and 3.75%: the rate that did not rule the mood
• episodioThree readers, three books
• comparacaoOne year later, the house swapped its floors
• episodioOne axis stood still. The other went, came back, and doubled.

← Back to the encyclopedia · Today's reading →